# John Wang

**Role:** Head of Crypto at Kalshi

**Known For:** Co-authoring Hyperliquid's HIP-4 outcome contracts specification

## Timeline

- **2026-04-30** — Co-authored Hyperliquid HIP-4 specification for outcome contracts, creating regulatory arbitrage partnership between Kalshi (DCM-regulated) and Hyperliquid (offshore decentralized)

## Context

John Wang's co-authorship of HIP-4 represents an unusual hybrid relationship where Kalshi's market design expertise is being applied to an offshore platform that will compete with Kalshi in non-US markets. The partnership reveals that DCM regulatory knowledge has economic value independent of regulatory protection.